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20
November 2017
I had
mentioned in Friday’s closing report that Nifty, Sensex were still trendless on
a weekly basis. The major indices of the Indian stock markets were range-bound
on Monday and closed with minor gains over Friday’s close. The trends of the
major indices in the course of Monday’s trading are given in the table below: The Total Investment & Insurance
Solutions
 |
| Major Indices (The Total Investment & Insurance Solutions) |
Selling
pressure in IT (information technology), banking and technology stocks, coupled
with broadly negative global cues, led the key Indian equity indices to trade
on a flat-to-negative note during the mid-afternoon session on Monday. ICICI
Bank, Cipla, State Bank of India (SBI) and Infosys were among the top laggards
on the BSE market breadth. On the NSE, there were 1,035 advances, 654 declines
and 303 unchanged. The Total Investment & Insurance
Solutions
Foreign
portfolio investors (FPIs) have invested a staggering over $2 billion in the
Indian equity markets this month till the week ending Friday, according to
domestic depository data. The FPIs directed a total amount Rs14,348 crore ($2.2
billion) into equities during November 1-17, National Securities Depository Ltd
(NSDL) data showed. During the same period, however, the FPIs also
withdrew Rs1,287 crore from the Indian debt market. This follows a net inflow
of over Rs3,000 crore into stock markets in October. During the current fiscal,
FPIs have invested Rs51,756 crore in equities and another Rs1.45 lakh crore in
the domestic debt markets. Market analysts attribute the recent inflow to
improvement in global sentiment as well as the government's recent announcement
on recapitalising state-run banks. These investment patterns indicate a
long-term bullish trend in the Indian stock markets. The Total Investment & Insurance Solutions
Major
global cues -- crude oil price fluctuations, tensions in the Middle East and a
likely US interest rate hike -- are expected to influence the movement of key
Indian equity indices in the current week. According to market observers, the
flow movement of foreign funds will also play a critical role in giving
direction to equity markets' trajectory. For the week ahead, with Q2 results
out of the way, global cues will be the key driver for the markets, with
underlining trend expected to be positive, observed market analysts. However,
investors will closely monitor the crude prices and US Fed rate hike (decision)
which might bring some volatility. The Total
Investment & Insurance Solutions
Despite
Moody's sovereign rating upgrade, hiring by the private sector is expected to
stay muted till the end of the current fiscal as corporate India is busy
trimming balance sheets and rationalising costs, according to industry chamber
Assocham. Based on a survey of association members, the Assocham report on
Sunday comes in the context of tepid job growth in the economy which has been
recently impacted by demonetisation and implementation of the Goods and
Services Tax. "With corporate India placing most energies on rationalising
costs, including wage costs, and trying to deleverage its balance sheet, the
hiring outlook in the private sector is expected to stay muted till the
beginning of fiscal 2018-19," an Associated Chambers of Commerce and
Industry of India (Assocham) release said here. "The focus right now is
how to deleverage, consolidate, exit from non-core businesses and achieve lean
and mean balance sheets. Going forward at least in the next quarter and a half,
corporates would be busy improving their margins and reducing their debt costs,
even as the top line growth may take a back seat," it said. This is likely
to slow down the bullish trends in the Indian stock markets. The Total Investment & Insurance Solutions
Global
software major Infosys Ltd would buy back 11.3-crore of its equity shares of Rs
5 face value by paying Rs 13,000 crore at the price of Rs 1,150 per share from
November 30, said the IT major on Friday. "Buyback of 11,30,43,478 equity
shares of Rs 5 each at a price of Rs 1,150 per share under the tender offer
route opens on November 30 and closes on December 14," said the company in
regulatory filing on the BSE. Offer managers Kotak Mahindra Capital Company Ltd
and J.P. Morgan India Ltd submitted to the BSE a copy of the letter of offer
sent to its shareholders on the buyback. "The company has received the
approval of the regulator (Securities and Exchange Board of India) on Thursday
on the buyback and the offer letters will be dispatched to the shareholders by
November 23," said the filing. "The last date of receipt of tender
forms is December 18 and the last date of settlement of bids on the stock
exchanges is December 26," added the filing. The outsourcing firm made the
public offer on October 10 after its investors voted overwhelmingly in favour
of the buyback resolution through postal ballot and electronic voting conducted
from September 8 to October 7. "The offer size is 20.51 per cent of the
total paid-up capital and free reserves, aggregating up to 11.3-croreAshares or
4.92 per cent of the total shares for an amount not exceeding Rs 13,000 crore,"
said the company in an earlier filing. Infosys shares closed at Rs961.35, down
0.99% on the BSE.
Industrial
conglomerate Larsen and Toubro (L&T) has bagged orders worth Rs 8,650 crore
from Mumbai Metropolitan Region Development Authority (MMRDA) for construction
of "packages 1 and 3" of Mumbai Trans-Harbour Link (MTHL). According
to the industrial conglomerate, the order was bagged by the heavy civil
infrastructure business vertical of its construction arm. "The
package-01 of the contract involves the construction of a multi-level
interchange at Sewri and a 6-lane marine bridge from Sewri to 10.38 km into the
Mumbai bay, crossing over the Sewri mud flats, Pir Pau Jetty and Thane Creek
channels," the company said in a statement. "The contract, secured in
partnership with IHI Corporation, Japan, involves the construction of an
Orthotropic Steel Deck crossing the various obligatory navigation channels
which will be first of its kind in India." The company’s shares closed at
Rs1,227.75, up 0.53% on the BSE.
Asia
Index on Friday informed that lenders IndusInd Bank and Yes Bank will enter the
30-scrip sensitive S&P BSE Sensex from December 18, 2017. According to Asia
Index which is a 50-50 partnership between S&P Dow Jones Indices LLC and
BSE, pharma majors Cipla and Lupin will exist the barometer after
reconstitution. The reconstitution exercise involves re-evaluation of the
constituents of a particular index. It also incorporates addition and
removal of stocks from the index and their re-ranking based on the current
market situation.
The
top gainers and top losers of the major indices are given in the table below:
 |
Top Gainer (The Total
Investment & Insurance Solutions)
The
closing values of the major Asian indices are given in the table below:
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| Asian Indices (The Total Investment & Insurance Solutions) |
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